Strategic Management Process Paper

Strategic Management Process Paper
Having a set of rules, is not the only way to approach management. There is a process to follow. There is a philosophical/strategic thought to it. Management of a business must implement this process. Best way to process it is when everyone in upper management understands the strategy and goal of the business. Goal-setting- is one of the process patterns to illuminate the vision of a business. Also identifying some facets like short, long term objectives and knowing how to accomplish those objectives. Customizing the tasks to the staff for them succeed toward the goals set. Making sure the goals are realistic and detailed, and relate to the vision verbally and written to staff and shareholders of the business.
Analysis is very important process, accomplishing your vision is for you to gathering all the relevant data and information. Analyzing what the business need on a sustainable entity, identifying initiatives and strategic direction of your vision and the growth of business. Analyzing external and internal problems which may affect the goals and objectives, which plays to the weakness and strengths of the businesses.
Strategy Formulation- is after the completion of the information analysis. Identifying areas might need external resources and identify resources currently the business has to accomplish goals and objectives. To start formulating the strategy you must prioritize what is in important of your success and have alternatives in place to reach that target plans.

Strategy implementation- is the action part of strategic management and critical part of a successful business. Overall strategy must be made clear to the organization, because if the strategy does not work, a new structure should take place of the old…...

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PRIMARY COMPONENTS
According to Wheelen and Hunger (2010), “Strategic management is a set of managerial decisions and actions that determines the long run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control”.
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Phase 2 – Forecast-based planning:
This phase I call the long term planning. As an example, the company I work for put in place a three-year roadmap.
Phase 3 – External oriented (strategic) planning:
This phase is where companies scan external factors such as competition, changing markets and how they plan on dealing with these factors
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Strategic Management Process Paper
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The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment.
As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion.
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The global marketplace has ushered in an emergent Era of corporate citizenship. Merging corporations often create an environment within a company where different structures coexist side-by-side. The reality, parties in collaboration tend to promote cultural capital. In fact, human nature is a factoring barrier making it a difficult challenge to retain highly esteemed talent and maintain production efficiency.
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